# CubeSmart (CUBE) — Financial Analysis

**Exchange:** NYSE  
**Coverage as of:** 2026-Q2  
**Updated:** 2026-05-13  
**Tier:** Free primer (step 2 of 19)  
**Sibling pages:** /stocks/CUBE/thesis · /stocks/CUBE/memo

## Financial Snapshot

---
ticker: CUBE
step: 04
generated: 2026-05-13
source: quick-research
---

### CubeSmart (CUBE) — Financial Snapshot

#### Income Statement Summary

| Metric | FY2022 | FY2023 | FY2024 | YoY |
|--------|--------|--------|--------|-----|
| Revenue | ~$1.01B | $1.05B | $1.07B | +1.5% |
| Gross Margin | ~63% | ~64% | ~63% | |
| Operating Margin | ~35% | ~40% | ~36% | |
| Net Income | $291M | $411M | ~$330M | |
| FFO/Share (adj.) | $2.53 | $2.68 | ~$2.64 | -1.5% |

*FY2023 net income spike reflects asset dispositions and one-time gains. Core operations measured by FFO/share grew 5.9% in 2023 then modestly declined in 2024 as same-store revenue growth decelerated amid new supply competition.*

#### Cash Flow & Balance Sheet (FY2024)

| Metric | Value |
|--------|-------|
| Operating Cash Flow | ~$650M |
| Free Cash Flow | ~$550M |
| Cash & Equivalents | ~$60M |
| Total Debt | ~$3.0B |
| Net Debt / EBITDA | ~5.5x (below long-term target) |

#### Key Ratios (approximate)
- P/FFO: ~14x | EV/EBITDA: ~18x | Dividend Yield: ~4.5%
- Revenue Growth (FY2024): +1.5% | FFO Margin: ~60%
- Same-Store NOI Growth (FY2024): ~0%–1% (flat due to new supply headwinds)

#### Growth Profile
CubeSmart delivered strong growth through 2022 (same-store NOI +12.1%) as post-COVID demand surge drove pricing power. FY2023–FY2024 saw growth decelerate sharply as new storage supply entered the Sunbelt markets and move-in rates fell across the industry. FY2025 showed early signs of stabilization: move-in rates rose 2.5% in Q3 2025 — the first increase since Q1 2022. The company has delivered 56% five-year Adj. FFO/share growth and 59% dividend growth over the same period. $2.8B in acquisitions over five years have expanded the owned portfolio significantly.

#### Forward Estimates
- FY2025 FFO/share guidance (raised): $2.56–$2.60
- FY2026 EPS guidance (reaffirmed): $1.55–$1.63
- FY2026 same-store revenue growth guidance: -0.25% to +1.25%
- Consensus: 11 analysts covering; Buy consensus; 12-month target ~$44 (~23% upside from early 2026 levels)

## Deeper Financial Analysis

The fundamental tier ($1.00) adds 8 dimensions not included here:

- Revenue Breakdown — segment revenue, geographic mix, product-line margins
- Financial Trends — QoQ momentum, leading indicators, inflection points
- Balance Sheet — debt structure, dilution risk, working capital dynamics
- Capital Allocation — ROIC, buyback cadence, reinvestment efficiency
- Earnings Analysis — beats/misses, guidance vs actuals, transcript highlights
- Competitive Positioning — market share, pricing power, peer benchmarks
- Industry Context — TAM, sector tailwinds/headwinds, regulatory backdrop

**API endpoint:** GET /api/v1/research/CUBE/fundamental

## Navigation

- Overview: /stocks/CUBE
- Financials (this page): /stocks/CUBE/financials
- Thesis: /stocks/CUBE/thesis
- Investment Memo: /stocks/CUBE/memo
- Coverage universe: /stocks